How Do I Purchase a Home Gym With Payment Installments?

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Make sure you get the best financing terms for your home gym.
Make sure you get the best financing terms for your home gym. (Image: reading instruction manual image by Leticia Wilson from Fotolia.com)

A home gym allows you the convenience of working out at home anytime you want. And you can avoid crowded gyms. If you are in the market for a home gym you may have to get financing, depending on the type, amount and equipment. There are several methods of financing that will allow you to make monthly installment payments. The payments should fit nicely with your budget. A longer term will help lower your payments.

Contact your local bank and apply for a signature loan. A signature loan is unsecured-- the bank requires no collateral for the loan. Many banks make these types of loans to consumers with good credit. You will need to submit your personal information including name, address and place of employment. The bank will review your credit history. You will need proof of your income, such as a recent pay stub or your tax return.

Get a secured loan from the bank. The bank may want to use the home gym as collateral for the loan. If you miss a payment the bank can repossess the collateral. The bank may ask for additional collateral if you have late payments on your credit history.

Purchase your home gym with a home equity loan. If you are taking out a home equity loan or already have a home equity line of credit, you may have enough funds to pay for your home gym. The lender will use the equity in your home to decide how much money you can borrow.

Check with the home gym dealer for financing. The dealer or retail outlet selling the home gym may provide financing. Find out their terms and conditions.

Review the terms and conditions of your loan. Your loan will be set up for a certain terms such as 24, 36, or even 48 months. Determine the interest rate, monthly payments, finance charges and the total amount of the loan. Ask the lender if there are any fees.

Tips & Warnings

  • It may not be cost efficient to take out an home equity loan just to finance a home gym. You will be subject to some fees, such as appraisal, title insurance and closing costs. The fees could exceed the price of the home gym in some cases. If you already have an home equity line of credit, this would be a more viable option.
  • If you finance your home gym with a credit card, it is not considered installment payments. Your credit card account is a revolving line of credit. The payments can change from month to month. When you have installment payments, they remain the same throughout contract.

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